• October 18, 2021

Allowance – ‘Salary’ for calculating income | With Automated Income Tax Preparation Software in Excel with Form 10 E for the F.Y.2021-22

 Allowance – ‘Salary’ for calculating income. An allowance is a fixed amount of money that an  the employer pays an employee to cover certain expenses, personal or in the performance of his or her duties.  Therefore,  these allowances are generally taxable and are included in the total salary unless a specific discount is given in the case of any…

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Arrears of Salary and Relief U/s 89 (1) and Form 10 E for the F.Y.2021-22| With Arrears Relief Calculator for the F.Y.2021-22

Arrears of Salary and Relief Under Section 89 (1) and Form 10 E. In the section on salary, we discuss  Section 89 (1) provides relief in tax for those receiving salary for earlier years. In cases where  this happens, Therefore,  the Government has provided relief if there is an increase in your tax liability this year  due…

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Deduction under Chapter VI-A of the Income Tax Act| With Automated Income Tax Preparation Software All in One for the Govt and Non-Govt Employees for the F.Y.2021-22 as per Budget 2021

Deduction under Chapter VI-A of the Income-tax Act contains various sub-sections of section 80, Therefore,  which allow an assessor to claim a deduction from the total income due to various tax-saving In other words, investments, approved expenditures, grants, etc. Reduce taxes payable. Chapter VI of the Income Tax Act has the following sections: However, 80C: Deduction limit for life…

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What is the necessity of a Pan Card | With Autofill Pan Card Application Form 49 A in Excel (Revised Version)

What is the necessity of a Pan Card | PAN is very necessary for all entities and individuals? It is not only used by the income tax authorities for tracking tax payments but it has now become mandatory for many days of transactions. Therefore, To open a new bank account or any investment to any financial concerned, a PAN…

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Housing loan and deduction of the principal of the interest portion | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22

Housing loan and deduction of the principal of the interest portion. Tax benefits on housing. In this article, Therefore,  you can get full details of principal waiver of housing loan and its interest such as – waiver under section 80C (for repayment of principal only), full details of section 24 (for part of full interest), a summary…

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Tax Planning for F.Y.2021-22| With Automated Income Tax Preparation Software In Excel All in One Govt & Non-Govt Employees for the F.Y.2021-22

 Tax Planning for F.Y.2021-22| According to the Finance Act,2020, when a person favours the new tax, no specific exemption (such as Section 80C, Section 80D, Section 80G, etc.) can be claimed under Chapter VI-A of the Act. It may be claimed that only deductions can be made  under sub-section (2) of section 80CCD (notice the pension scheme employer contributes to the employee’s account. You may also,…

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Learn all about the rented 80GG tax benefits| With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non- Govt employees for the F.Y.2021-22

Learn all about the rented 80GG tax benefits. Home rent allowance, or commonly known as HRA, is an amount that employers pay as part of their employees’ salaries. Therefore, this is mainly done because it helps to provide tax benefits to the workers in case of payment for housing every year. As per the provisions of Income Tax Section 10…

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Significant changes in the income tax rules for the financial year 2021-22 | With Income Tax Preparation Software All in One in Excel for all Govt and all Non-Govt Employees for the F.Y.2021-22 as per Budget 2021

Significant changes in the Income Tax Rules for FY 2021-22| The public authority for the most part changes the tax rules during the financial plan introduced in February 2021. Therefore, these changes are successful from the accompanying financial year starting in April. Observe the changes and plan your taxes better. Choosing your tax Regime New of Old In other words, last…

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Section 80C Exemptions| With Automated Income Tax Preparation Software In Excel for the All Government and Private Employees for the F.Y.2021-22

Section 80C Exemptions | To persuade citizens to invest in various ways, the government allows  exemptions during the calculation of income tax. Therefore, the most popular ones fall under Section 80C.  Here is a guide.  In other words, A person’s total income is calculated by adding the income he earns from different sources. Excluding names is a specific…

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Taking a home loan can help you save tax| With Automated Income Tax Preparation Excel Based Software All in One for the All Government & Non-Government Employees for F.Y.2021-22

1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises two different components, the tax benefit on a home loan is governed by different sections of the Income Tax Act.  Therefore, the following are the benefits available on loans taken on House Property which can be claimed as deductions in the Income Tax…

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